MERSEN (EPA:MRN) - Mersen: sharp increase in sales to €879 million for 2018
Directive transparence : information réglementée Information sur chiffre d’affaires annuel
30/01/2019 17:40
Cliquez ici pour télécharger le pdf
Press release
MERSEN: SHARP INCREASE IN SALES TO EUR879 MILLION FOR 2018
- STRONG MOMENTUM MAINTAINED IN THE FOURTH QUARTER
- FULL-YEAR LIKE-FOR-LIKE GROWTH IN SALES OF NEARLY 10% THAT EXCEEDS THE
GROUP'S TARGETS
- FORECAST OPERATING MARGIN BEFORE NON-RECURRING ITEMS OF AROUND 10.4% FOR 2018
CONFIRMED
- CONTINUED CONFIDENCE IN THE GROUP'S MEDIUM-TERM POTENTIAL
PARIS, JANUARY 30, 2019 - Mersen (Euronext FR0000039620 - MRN), a global expert
in electrical power and advanced materials, has reported consolidated sales of
EUR879 million for full-year 2018.
Luc Themelin, Mersen's Chief Executive Officer, said: "Mersen continued to grow
in the fourth quarter of 2018, despite a high basis of comparison. Our
full-year like-for-like growth of 10%, which exceeds our most recent targets,
is the result of a particularly dynamic year marked by growth in all of our
businesses and across all regions; the acquisition of two new power electronics
companies to strengthen our foothold in this industry of the future; and the
establishment of a joint venture in China to harness the strong worldwide
growth of the solar market. Buoyed by these different factors among others, we
are confident in the Group's ability to continue to deliver growth."
2018 SALES
Mersen generated consolidated sales of EUR879 million in 2018, representing
strong like-for-like growth of nearly 10% year on year. Including the
consolidation of Idealec and FTCap (+2.1%) and a negative currency effect
(-3%), sales grew by 8.6%.
Like-for- Scope Currency Reported
In millions of euros 2018 2017 like growth effect effect growth
Advanced Materials 487.1 446.6 12.4% 0.2% -3.1% 9.1%
Electrical Power 391.4 362.6 6.8% 4.6% -2.9% 7.9%
Europe 297.1 263.1 8.2% 5.9% -1.1% 12.9%
Asia-Pacific 250.3 228.7 12.6% 0.4% -2.9% 9.5%
North America 293.2 282.4 8.4% 0.3% -4.3% 3.8%
Rest of the World 37.9 35.0 17.4% 0.4% -8.1% 8.3%
Group 878.5 809.2 9.9% 2.1% -3.0% 8.6%
Unaudited figures
Advanced Materials sales totaled EUR487 million in 2018, representing
like-for-like growth of more than 12% over the year. All markets contributed to
growth, particularly solar and electronics -notably silicon carbide (SiC)
solutions.
Electrical Power sales came to EUR391 million in 2018, up by nearly 7%
like-for-like. Activity was driven by strong business in the green mobility,
rail and electric vehicle markets, with the segment also benefiting from the
contributions of recently acquired companies, Idealec and FTCap.
In Europe, the Group performed very well in both business segments, with robust
growth in France, Germany Italy and Spain, thanks to the renewable energies and
rail and air transportation markets.
Asia recorded another significant increase of nearly 13% in sales. Growth in
China was led by the solar, rail and chemicals markets, whereas the slowdown in
the photovoltaic installations market and a high basis of comparison caused
sales in Japan to contract.
Lastly, North America also saw significant growth in both business segments,
with sales increasing in the electrical distribution market as well as in
electronics.
FOURTH QUARTER 2018 SALES
Fourth quarter 2018 sales came in at EUR225 million, representing like-for-like
growth of 7.4% year on year. Taking into account the consolidation of Idealec
and FTCap, sales grew by 11.8%.
Q4 Q4 Like-for- Scope Currency Reported
In millions of euros 2018 2017 like growth effect effect growth
Advanced Materials 122.9 111.4 10.1% 0.5% -0.3% 10.3%
Electrical Power 102.4 90.1 4.1% 9.0% 0.8% 13.6%
Europe 76.7 63.6 9.6% 11.9% -0.9% 20.6%
Asia-Pacific 61.5 60.8 1.1% 1.0% -0.6% 1.2%
North America 75.8 67.0 9.6% 0.7% 2.7% 13.1%
Rest of the World 11.3 10.1 16.4% 0.0% -3.9% 12.2%
Group 225.3 201.5 7.4% 4.3% 0.2% 11.8%
Unaudited figures
The moderate growth reported for Asia in the fourth quarter of 2018 is mainly
due to the particularly high basis of comparison with the prior-year period,
when the region represented 30% of the Group's sales.
OUTLOOK FOR 2018(1)
Based on its full-year sales as reported, Mersen is maintaining its forecast of
an operating margin before non-recurring items of around 10.4% of sales.
GLOSSARY
Like-for-like growth: determined by comparing sales for the year with sales for
the previous year, restated at the current year's exchange rate, excluding
acquisitions and/or disposals and the impact of IFRS 15.
Scope effect: contribution from companies acquired in the year in relation to
sales for the year.
- Idealec, a recognized designer and manufacturer of laminated bus bars, has
been consolidated within the Group since April 1, 2018.
- The acquisition of FTCap, a Germany-based company specializing in the
development and production of capacitors, was finalized in July 2018. It has
been consolidated in the Group's financial statements since July 1, 2018.
- Louisville Graphite Inc. (LGI), a company based in the United States which
provides aftermarket and repair services, was acquired in July 2018. It has
been consolidated in the Group's financial statements since July 1, 2018.
Currency effect: calculated by comparing sales for the previous year at the
exchange rate of the previous year with sales for the previous year at the
exchange rate of the current year.
(1) The financial statements for the year ending December 31, 2018 will be
approved by the Board of Directors on March 12, 2019. The figures given here
are an estimation and have not yet been verified by the statutory auditors.
FINANCIAL CALENDAR
2018 results: March 13, 2019, before market opening.
ABOUT MERSEN
A global expert in electrical power and advanced materials, Mersen designs
innovative solutions to address its clients' specific needs to enable them to
optimize their manufacturing performance in sectors such as energy,
electronics, transportation, chemicals & pharmaceuticals and process
industries.
Mersen, with its 6,400 employees working across 35 countries, recorded sales of
EUR879 million in 2018.
MERSEN IS LISTED ON EURONEXT PARIS - COMPARTMENT B
INVESTOR AND ANALYST CONTACT MEDIA CONTACT
Véronique Boca Stanislas Mulliez/Guillaume Granier
Vice-President, Communication
Mersen FTI Consulting Strategic Communications
Tel.: +33 (0)1 46 91 54 40 Tel.: +33 (0)1 47 03 68 10
Email: dri@mersen.com Email: stanislas.mulliez@fticonsulting.com /
guillaume.granier@fticonsulting.com
WWW.MERSEN.COM